LIONVILLE, Pa., Aug. 8 /PRNewswire-FirstCall/ -- West Pharmaceutical Services, Inc. , the global market leader in closure systems and syringe components for use with injectable drugs, today announced that its Board of Directors have approved a share repurchase program of up to one million shares of its common stock. The program goes into effect immediately.
The program will allow the company to repurchase its shares on the open market or in privately negotiated transactions from time to time in accordance with the requirements of the Securities and Exchange Commission. The timing of such transactions will depend on a variety of factors, including market conditions, but the program is expected to be completed within one year.
“The current valuation of West stock makes repurchases a solid investment and represents an attractive opportunity to enhance long-term shareholder value,” said Donald E. Morel, Jr., Chairman of the Board and Chief Executive Officer. “The Board’s action reflects our great confidence in our long-term business plan, the strength of our balance sheet and strong operating cash flow. From a financial perspective, we are well-positioned to fund our expansion activities, invest in growth opportunities through our Innovation Programs, pay a dividend and buy back shares, which taken together, will create value for our shareholders.”
About West Pharmaceutical Services, Inc.
West Pharmaceutical Services, Inc. is the world’s premier manufacturer of components and systems for injectable drug delivery, including stoppers and seals for vials, and closures and disposable components used in syringe, IV and blood collection systems. The Company also provides products with application to the personal care, food and beverage markets. West’s customers include the world’s leading pharmaceutical, biotechnology, generic drug and medical device producers. Headquartered in Lionville, Pennsylvania, West Pharmaceutical Services supports its partners and customers from 50 locations throughout North America, South America, Europe, Mexico, Japan, Asia and Australia. For more information, visit West at http://www.westpharma.com.
West Pharmaceutical Services, Inc.
CONTACT: Michael A. Anderson, Vice President and Treasurer of WestPharmaceutical Services, Inc., +1-610-594-3345; or Investors & FinancialMedia, Evan Smith or Theresa Kelleher, both of Financial Dynamics,+1-212-850-5600, wst@fd.com; or Media, Risa Burgess of SchwartzCommunications, +1-781-684-0770, westpharma@schwartz-pr.com
Web site: http://www.westpharma.com/
